BluetonaFX - USOIL Descending Triangle Pattern

Hi Traders!

The bearish price action continues on the USOIL 1D chart, and there may be possible opportunities for short entries.

Price Action 📊

The market has had lower highs and lower lows since breaking below the 3-month low and 20 EMA, creating a descending triangle pattern on the chart.

We are looking for further bearish momentum to break and close the trendline support line and continue to the downside.

Fundamental Analysis 📰

The market's outlook on USOIL is currently negative due to continuing dips in oil prices following tensions in the Middle East.
 
Support 📉

74.57: TRENDLINE SUPPORT

Resistance 📈

79.01: TRENDLINE RESISTANCE

Risk ⚠️
No more than 2% of your capital.

Reward 💰
At least 4% of your capital.

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Trade safely and responsibly.

BluetonaFX